Iran Reaches Deal With World Powers

The 20 months’ talks of twists and turns between Iran and world powers—the United States, United Kingdom, Russia, China and Germany—has ended with a deal by the negotiators.

The new agreement would help to stop or slow down Iran’s sensitive nuclear activities to ensure that it cannot build a nuclear weapon. It would also give access to the United Nation, UN, nuclear inspectors to monitor its programme. But the inspection would not be automatic.

The implication is that Iran will now have its crippling international sanctions lifted. Mohammad Javad Zarif, Iranian Foreign Minister, called the deal a “historic moment,” but cautioned that it was “not perfect.”

“Today, after two years of negotiations, the United States together with the international community has achieved something that decades of animosity has not: a comprehensive long-term deal with Iran that will prevent it from obtaining a nuclear weapon,” CNN quoted US President Barack Obama as saying on Tuesday after the deal was signed in Vienna.

Meanwhile, there are reports that oil prices slumped few hours after the deal that would give Tehran renewed access to world markets. According to the reports, trading in London, Brent crude futures fell 1.6 per cent to $56.94 per barrel; while in the US, West Texas Intermediate crude, dropped 1.7 per cent to $51.29.